Chase just raised my credit card rate

[texastoast]

I saw a post on here the other day from another poster (can't remember who) who got her rate raised also. She was thinking it might be because of the area she lives in--dour economic climate. She thought perhaps it was just because of her zip code.

I got a notice this week that Chase was raising a rate on one of the credit cards we have with them. We haven't had any balance on there in at least a year. They bumped us up from 9.99 to 13.99 PLUS PRIME. The sad little notice said it was because they felt they had to do it to keep our account profitable.

When I started working legal judgments back in the 70s, in all of our court filings was a standard clause about how if the judgment debtors didn't pay up, they would be charged 10% or the highest rate of interest allowed by law.

Ah, the days when usury laws were in effect.

The banks aren't anything but the new loan sharks.

[xchrom]

1. recommend -- hopefully chase, capital one, etc

will see this news spreading.

[dweller]

2. you are in fine company

advice here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5020065

good luck
dp

[OnyxCollie]

3. I have two cards from Chase.

The rates just went up on one. Now I'm waiting for the other shoe to drop.:-(

[NoSheep]

4. Mine too. So I sold the shit to another company. 0%. Fuck em.

[texastoast]

6. Yep

I have an application for 0% for a year with no balance transfer fee. We have to be careful and get those payments in on time to keep that rate. I've seen those banks send you a statement that has a due date 5 days after you receive it. When I called them on it, it was "a mistake," but I had to call them.

They are pond scum. Slippery, slimy pond scum just waiting for you to slip up.

[4lbs]

5. I replied in that other thread that credit card companies can now raise your rates for reasons other

than your actual use and payment with respect to the card itself.

Late on a utility or mortgage payment? You're a worse risk now. Say hello to higher credit card rates.

Got turned down for a loan applicaton? You're a worse risk. Higher credit card rate.

Had to go to the hospital for medical procedures/surgery and now have a multi-thousand dollar bill? You're a worse risk. Higher credit card rate.

Got a moving violation? You're a worse risk now. Higher credit card rate.

Didn't use your credit card enough? Well, we (the credit card company) have to make money off you somehow. Higher rates AND higher annual membership fee to make up for lack of use.

[texastoast]

7. Well, it's just about time that I'm using my scissors

and living within my means. Red beans and rice and resale shops here I come. If we all do that, they will be begging to extend us credit at a decent rate.

[4lbs]

9. The only "credit card" I have is actually a VISA CheckCard issued by my bank

that simply withdraws money from my checking account.

My "credit limit" is just whatever I have in my checking account, up to $1000.

[elocs]

8. Well what I cannot figure out is why Capital One lowered my interest rate a few months ago

from 7.75% to 6.67%. Somebody last week posted a thread about rising credit card interest rates and I had just received my Capital One bill so I decided to double check it. To my surprise my interest rate is now 4.90%. ??? Since last May I have worked exactly 2 weeks where I worked as much as 40 hours. Go figure.

[Davis_X_Machina]

12. Tied to LIBOR..

...or the prime, both of which are down?

[customerserviceguy]

10. Citibank tried to do it to me a few weeks ago

I had them cancel my card. I have excellent credit, there was no reason to screw with me, other than to try to suck money out of me to pay back their bailout loan.

[SmileyRose]

11. Citibank did it to me in spades and I fired their ass.

My credit score is still over 800 even after they screwed me, but for some bizarre reason Citi decided I'm a big credit risk. Tried to move me from 6.9 to 24.9 with half the credit limit. Not that I actually need all that credit limit, but lowering it screws with my FICO.

Idiots.

[pinniped]

13. Guess I'm lucky those Chase assholes are only raising mine up +.25%.

My two are originally Washington Mutual. I'm still canceling at least one of them.